31. What are the first things VCs notice when a team of founders starts pitching to them? The confidence. That’s the first thing you see: • Are they confident in their progress? • Are they confident in their metrics? Do they know them cold — customer count, ACV, # leads, etc.? • Do they have confident, credible, data-driven reasons to meet the plan for this year? • Are they confident as a team — do they finish each other’s sentences in the right way? • Are they confident in their understanding of the competition, the market, how the market is changing, etc.? • Are they overconfident / cocky? A bad sign unless you are a rocket ship and already have a dozen term sheets. • Are they confident in the things they >don’t< know, honest about them, and self-aware? • Do they make things up? (Bad / wrong type of ‘confidence’) • Do they know exactly who they want to hire, and already have a few good ideas of whom? When you see some early good traction and the right type of confidence … you start leaning forward. The right kind. SAASTR.COM 29